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Children should be taught to manage money

03/08/2016 Joanna

Money saving expert Martin Lewis is trying to encourage schools to teach money management, but says teachers aren't yet equipped with the necessary knowledge. 

Mr Lewis conducted school visits in order to educate children in how best to manage their money, but the challenge he set them actually saw the teacher benefiting the most. 

Speaking after the event, Mr Lewis said that it's hugely important that children understand how best to manage money, but that it's even more important that teachers are able to understand this and therefore educate their students.

"Teachers don’t feel they’re that far ahead of the kids with this. Simply to say, 'This is on the curriculum - now teach it,' isn’t enough. We want teachers to feel comfortable, confident and competent to teach it," he stated.

He went on to suggest that in order to ensure teachers are confident on this subject, they should be given thorough training either during their initial teacher training, or as part of their CPD.

A TES survey asked pupils aged 11 to 16 what additional non-academic experiences they wanted before leaving secondary school. The results all followed the theme of "surviving in the world of austerity", making money management even more important.

Specific experiences included learning how to save money, understanding taxes, mortgages and rent and knowing what to do when you get in debt.

"There’s no one who’s not touched by this. Money worries are one of the greatest contributors not only to mental health problems, but also to unhappiness. And happiness is important," Mr Lewis stated.

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